Netherlands-registered European food and beverage vending services provider Selecta Group B.V. (Selecta) intends to refinance its existing term debt with the issuance of €550 million-equivalent in senior secured notes; a €50 million super senior revolving credit facility (RCF); and €220 million of junior payment-in-kind debt. We assess Selecta as having a "highly leveraged" financial risk profile and "fair" business risk profile. We are therefore assigning our preliminary 'B+' long-term corporate credit rating to Selecta. At the same time, we are assigning our preliminary 'B+' issue rating to the proposed €550 million-equivalent senior secured notes and our preliminary 'BB' issue rating to the proposed €50 million super senior RCF. The stable outlook reflects our view that in the short term, Selecta
